The payment system was revealed during the Financial Sector Conference, held in Riyadh during April 24thand 25th. According to the bank, the Ripple powered network is a part of a “strategic plan towards digital transformation and enriching customer experience.” Deputy Manager, Corporate and Institutional Banking, Majed Najm, said that the through the Ripple platform, it will be able to make international transactions at a faster speed and enhanced transparency.
Indian Rupee is the first currency that is available on the new platform of SABB, with future plans to add more currencies. He further added, “This step is part of the bank’s ongoing efforts to provide the best banking services to customers, make use of the latest technology and global banking products available, and create methods and means to save time and effort for our customers.”
Ripples in Banking
Ripple and its currency, XRP, is a blockchain platform that has been designed specifically for the global banking network. In recent years, banks from all over the world have been signing up to use the efficient and transparent. This year, SABB was one of the first banks to join the Ripple ecosystem. Today, the number of financial institutions that are using the Ripple network is in excess of 200.
Big banks such as the Indian Federal Bank are part of the network, while global payment service Western Union has experimented with Rippleand are considering on whether to join the network or not.
Recently, a Weiss Crypto Analysisgave the highest ranking to XRP, along with Bitcoin and EOS for the potential of the network to radically change the current financial setup.